Mumbai: The Rupee Consolidated in a narrow range and closed the day up 6 paise at 82.00 (Provisional) U.S. Dollar on Wednesday as investors remained on edge ahead of key US inflation data.
Forex traders said significant foreign fund inflows, strong trend in domestic equities and fall in crude oil prices also supported the local unit.
opened at 82.06 against the local unit in the interbank forex market US currency And finally closed at 82.00 (Provisional), registering a gain of 6 paise over its previous closing price.
The rupee touched a high of 81.96 and a low of 82.09 against the dollar during the day.
On Tuesday, the rupee had closed at 82.06 against the American currency.
Traders said investors were turning cautious as they awaited inflation data from the US later in the day.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07 per cent to 101.67.
Global oil benchmark Brent crude futures fell 1.39 per cent to $76.36 a barrel.
Research analyst Dilip Parmar said, “Indian rupee improved after Tuesday’s sell-off as import commodity prices declined ahead of key US inflation data. The local unit opened flat against the US dollar and traded higher from 82.09 to 81.96 with reduced volume. consolidated between. HDFC Securities.
“In the near term, we expect the spot USDINR to consolidate in the range of 82.30 to 81.80,” said Parmar.
Meanwhile, India’s inflation data, due later in the week, will provide clues on reserve Bank of IndiaTraders said the next rate hike is on the way.
On the domestic equity market front, the 30-share BSE Sensex The broader NSE Nifty rose 178.87 points, or 0.29 percent, to close at 61,940.20, and the broader NSE Nifty rose 49.15 points, or 0.27 percent, to 18,315.10.
Foreign institutional investors (FIIs) were net buyers in the capital market on Tuesday as they bought shares worth Rs 1,942.19 crore, according to exchange data.
Forex traders said significant foreign fund inflows, strong trend in domestic equities and fall in crude oil prices also supported the local unit.
opened at 82.06 against the local unit in the interbank forex market US currency And finally closed at 82.00 (Provisional), registering a gain of 6 paise over its previous closing price.
The rupee touched a high of 81.96 and a low of 82.09 against the dollar during the day.
On Tuesday, the rupee had closed at 82.06 against the American currency.
Traders said investors were turning cautious as they awaited inflation data from the US later in the day.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07 per cent to 101.67.
Global oil benchmark Brent crude futures fell 1.39 per cent to $76.36 a barrel.
Research analyst Dilip Parmar said, “Indian rupee improved after Tuesday’s sell-off as import commodity prices declined ahead of key US inflation data. The local unit opened flat against the US dollar and traded higher from 82.09 to 81.96 with reduced volume. consolidated between. HDFC Securities.
“In the near term, we expect the spot USDINR to consolidate in the range of 82.30 to 81.80,” said Parmar.
Meanwhile, India’s inflation data, due later in the week, will provide clues on reserve Bank of IndiaTraders said the next rate hike is on the way.
On the domestic equity market front, the 30-share BSE Sensex The broader NSE Nifty rose 178.87 points, or 0.29 percent, to close at 61,940.20, and the broader NSE Nifty rose 49.15 points, or 0.27 percent, to 18,315.10.
Foreign institutional investors (FIIs) were net buyers in the capital market on Tuesday as they bought shares worth Rs 1,942.19 crore, according to exchange data.